Financial Crime World

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Mauritania Makes Progress on Anti-Money Laundering and Combating Terrorist Financing

In a recent review, the Financial Action Task Force (FATF) has upgraded Mauritania’s rating on anti-money laundering (AML) and combating terrorist financing (CTF) activities.

Significant Progress Made

The country had submitted a request to re-rate its technical compliance with FATF recommendations, specifically in areas related to virtual asset service providers (VASPs). The review found that Mauritania has made significant progress in addressing the risks associated with VASPs, particularly in light of recent amendments to Recommendation 15 adopted in 2019. The country’s authorities provided a wide range of quantitative and qualitative information to assess the level of risk posed by these activities.

Areas for Improvement

The FATF review also highlighted the need for Mauritania to:

  • Clarify procedures for identifying natural or legal persons that engage in VASP activities without proper licensing or registration
  • Apply appropriate sanctions
  • Provide international cooperation in AML and CTF matters, regardless of the nature or status of the requesting authority

Upgrade in Rating

The review resulted in an upgrade of Mauritania’s rating from “partially compliant” to “compliant” for Recommendations 2, 11, and 26. The country remains in the Enhanced Follow-up process, which requires it to submit its fourth Enhanced Follow-up Report by November 2022.

Technical Compliance Ratings

As a result of the re-rating request, Mauritania obtained:

  • Compliant: 14 recommendations
  • Largely Compliant: 21 recommendations
  • Partially Compliant: 5 recommendations

Mauritania will continue to work towards full compliance with FATF recommendations, and the country’s progress will be closely monitored by the FATF and MENAFATF.

Conclusion

Mauritania’s progress is a significant step forward in ensuring the country’s financial system is robust and effective in preventing money laundering and terrorist financing. The FATF review serves as a reminder of the importance of continuous improvement and cooperation among countries to combat these global threats.